The lot size, the pool, and the quiet cul-de-sac location provided great bones, and with the right upgrades and modern touches, it could command a much higher price in the competitive Hamptons market.

There are opportunities out there but some strategies are risky. 1 - Airbnb (STR) comes to mind - very competitive, very saturated and becoming highly regulated.2 - Most STRs are transitioning to MTR so that market will be saturated soon if it isn't already.3 - Insurance crisis in florida is getting bad so those costs will eat up cashflow and short term appreciation.

You want to focus on areas where you have a competitive advantage (you have lived there or you have family and friends there) and then compare those areas against widespread list of great areas to invest.Good luck!

Listings come from nurturing your database for years, so if you are new, you have to pick a niche or an area that you have a competitive advantage in.

I was willing to pay more than my competition.

Both are drawing more and more tourism, as well as relocations, and are holding more and more special events and competitions. 

But don't let regulations deter you, a harder market to enter in theory mean less competition since most don't want to track down and follow all the regulations. 

I prefer to source all my deals off-market, which allows me to find properties with less competition and negotiate directly with motivated sellers.

Congrats on buying your first condo—that’s a big move, especially in a competitive market like NYC.

Our book brought out the competition in droves.